The effort to repeal the Durbin debit regulations ignores deeper issues in the U.S payments industry, including the problems created by a flawed pricing system. U.S. Rep. Randy Neugebauer, R-Texas, recently introduced H.R. 5465, a bill that would repeal the Durbin Amendment. This bill comes on the heels of many …

By the time you read this, the nation’s automated clearing house network will have been processing same-day credit settlements for a little more than a week. That may not sound revolutionary, but in many respects, it is. For one thing, the ACH has speeded up clearing time pretty significantly. Credit …

The big banks that run clearXchange are slapping a brand name on the peer-to-peer payments network, five years after founding it. The new name is Zelle, says Early Warning Services LLC, the Scottsdale, Ariz.-based fraud-management company that acquired clearXchange last year. A spokesperson says the brand will not appear commercially …

As the automated clearing house network gets set to start a process that will over time speed up all ACH credit and debit transactions to same-day settlement, the ACH’s governing body late this summer took an important step toward controlling the risk posed by certain non-bank players that stand between …

By Jim Daly@DTPaymentNews If they could assign a letter grade to the first year of EMV chip card payments in the U.S., half of Digital Transactions News readers would give it an “F,” according to results of the daily e-newsletter’s weekly poll. The newsletter’s Sept. 23 edition asked respondents to …

By Kevin Woodward@DTPaymentNews With the U.S. point-of-sale conversion to EMV chip card acceptance well under way, attention turns to the upcoming liability shifts for ATM and fuel-dispenser transactions. First up is MasterCard Inc.’s liability shift for ATMs, which kicks in Oct. 21. Both MasterCard and Visa Inc. also have a …

By Kevin Woodward@DTPaymentNews No doubt, the U.S. payment card industry’s monumental shift to EMV chip cards is earnestly moving ahead. A year later—Saturday marks the anniversary of the liability shift—some 2 million merchants accept the cards and card brands count millions of chip-enabled cards in use. The United States became …

In a break from the practice of most EMV chip card issuers, TCF National Bank reported this month that it will be issuing all of its customers’ debit cards with both contact and contactless capabilities. The bank, the principal subsidiary of Wayzata, Minn.-based TCF Financial Corp., said it will begin …

By Kevin Woodward@DTPaymentNews Acquirers and processors have until Oct. 14 to prepare their systems for a new range of bank-identification numbers MasterCard Inc. intends to add to its inventory for issuers. Announced in 2014, the move is an attempt to stymie a possible exhaustion of BINs. These numbers are the …

By Kevin Woodward@DTPaymentNews Not thoroughly knowing merchants and submerchants harbors peril for payment facilitators, and that’s one risk the Electronic Transactions Association hopes to alleviate. The ETA, a Washington-based trade group representing the merchant-acquiring industry, expects to release a set of underwriting guidelines for payment facilitators soon. According to Visa …